Allendale commodity broker Greg McBride says new crop soybean sales came in at over a million metric tons, while corn sales were bearish and well below the range of estimates.

“We did have a bearish new crop corn number as we are in the new crop time frame right now, the 2021/22 season,” said McBride. “We came in at 246,000 tons (for corn). The range of estimates was 500,000 to a million, so well below that. Bean sales came in as expected at 1.264 million metric tons. That was inside the range of estimates. The high end of the range was 1.4 million. Good sales there. We did also see decent sales on wheat, again inside the range of estimates, at 617,000 tons. The high end was over 700,000.”

McBride notes there were some net sales cancelations reported by USDA on Wednesday.

“There were 132,000 tons for delivery to China and then 196,000 tons for delivery to unknown (that were canceled),” said McBride. “We generally expect (unknown) to be China as well. This is not a normal time when you would see cancelations from China, so this is not something necessarily that we think was them playing the pricing game or anything like that. This probably was more having to do with the port issues that we’ve got down in the Gulf because of Hurricane Ida.”

The next U.S. Export Sales Report will be released on Thursday, September 23rd. The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.

Story courtesy of the Iowa Agribusiness Radio Network.